QUESTION TWO (DISSOLUTION OF FIRMS) Martha Tuee, Martha Puce and Martha Phish were in partnership sharing profits and losses in the ratio 3:2:1 respectively. A summary of the statement of financial position of the partnership as at 30th September 2009 is as follows: GH Non-Current Assets: GH GH GH Capital and Liabilities: Plant and Machinery 10,000 Capital: M. Tuee 15,000 Motor Vehicles 3,600 M. Puee 9,000 Furniture 7,400 M. Phish 6,000 21,000 Current Assets: Current Accounts: M. Tuee 7,200 Inventory 10,200 M. Puee 5,400 Trade Receivables 13,500 M. Phish 3,900 Bank 14,000 Petty Cash 4,300 Loan Account M. Puce 6,000 42,000 Trade Payables 10,500 Total Assets 63,000 Capital & Liabilities 63,000 Due to a disagreement between M. Tuee and M. Puee, the partners decided to dissolve the partnership. The following decisions were taken in relation to the dissolution. (i) The cash balance should be paid into the bank (ii) The trade receivables realised GH12,600 when sold to a Receivables' Factor (iii) (iv) The trade payables were settled for GH9,900, with the difference granted as discount. M. Tuee was to take over the motor vehicle at GH3,780. (v) The inventory was sold for GH12,200 (vi) The Plant and Machinery was disposed-off at GH20,000 (vii) The furniture was sold for GH12,900 (viii) M. Puce's Loan was transferred to her capital account. (ix) Partners' current accounts balances were transferred to capital accounts. You are required to prepare the following accounts to close off the books of the firm. (a) The Realisation Account (b) The Bank Account (c) Partners' Capital Account in columnar form showing the final settlement among the partners.